FM terms IMF success a ‘Whole-of-Government’ win

December 09, 2025 (MLN): Senator Muhammad Aurangzeb, Pakistan’s Minister for Finance and Revenue, has termed the successful completion of the IMF programme reviews as proof of an effective whole-of-government approach.

The Finance Minister’s remarks came after the IMF Executive Board approved the immediate release of funds divided between two key facilities.

He confirmed that the Board has cleared the Second Review of the Extended Fund Facility (EFF), which is central to Pakistan’s macroeconomic stability.

In addition, the First Review of the climate-focused Resilience and Sustainability Facility (RSF) has been approved, paving the way for additional support to strengthen long-term climate resilience.

Minister Aurangzeb specifically credited the collective efforts of the nation's political and administrative machinery.

He expressed deep appreciation for the Federal Ministries, Cabinet colleagues, Principal Accounting Officers, senior secretaries, and the Provinces.

A significant takeaway emphasized by the Minister was the IMF's recognition of Pakistan's fiscal prudence.

Despite facing devastating recent floods and climate-related shocks, the country did not need to make an emergency appeal for immediate relief.

The government managed the crisis by effectively utilizing the fiscal and external buffers it had diligently put in place, demonstrating stronger financial management and resilience.

Looking ahead, the Minister affirmed that the successful reviews will allow the government to further consolidate the gains already made in achieving macroeconomic stability.

The government's continued focus will be on advancing reforms to ensure this stability evolves into sustainable and inclusive economic growth for the medium to long term.

Khurram Schehzad also highlighted the IMF’s positive assessment in a tweet on X, noting Pakistan’s strong performance despite floods, the FY25 primary surplus of 1.3% of GDP, and reserves rising to $14.5bn from $9.4bn last year.

He emphasized progress in energy-sector reforms reducing circular debt, broadening the tax base, simplifying policies, advancing SOE reforms and privatization, and fostering private-sector investment through business-climate and productivity reforms.

Schehzad added that the IMF’s recognition reflects strengthening economic stability and policy credibility, with ongoing reforms expected to underpin sustainable, investment-led, and export-oriented growth.

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